An empirical investigation of customer satisfaction and loyalty across two divergent bank segments

Customer satisfaction is an important indicator for customer loyalty, and numerous studies have identified the benefits that customer loyalty delivers to an organisation. Nevertheless, research also suggests that satisfied customers still defect. This study investigated the relationship between customer satisfaction and loyalty intentions within the Australian banking industry for two distinct customer segments, retirees and university students. Results indicate no significant difference in the satisfaction levels of either group; however, there were differences with respect to two of the five behavioural intentions dimensions: loyalty and switch. Satisfaction was found to have a significant impact on three of the five behavioural intentions dimensions: loyalty, pay more and external response, suggesting that management should initiate service policies aimed at securing improvements in customer satisfaction. However, there are also other constructs at work aside from satisfaction in determining future behavioural intentions.     

Multidimensional Variance‐Optimal Hedging in Discrete‐Time Model—A General Approach

One of the well‐known approaches to the problem of option pricing is a minimization of the global risk, considered as the expected quadratic net loss. In the paper, a multidimensional variant of the problem is studied. To obtain the existence of the variance‐optimal hedging strategy in a model without transaction costs, we can apply the result of Monat and Stricker. Another possibility is a generalization of the nondegeneracy condition that appeared in a paper of Schweizer, in which a one‐dimensional problem is solved. The relationship between the two approaches is shown. A more difficult problem is the existence of an optimal solution in the model with transaction costs. A sufficient condition in a multidimensional case is formulated.     

Income inequality analysis in the period of economic transformation in poland

This paper presents some statistical methods of income inequality analysis based on the theoretical income distribution models that are well-fitted to the empirical models. As theoretical curves, the lognormal, gamma, Burr Type XII, and the Dagum models were used. They were applied to the earnings distributions in Poland in the period of economic transformation from a centrally-planned to a market economy. On the basis of the Dagum model, showing the perfect consistency with the considered earnings distributions, the maximun likelihood estimators of inequality parameters and economic distance ratios between men and women were calculated.     

Rhetorical aspects of tour guiding: the Polish case

ABSTRACT

Tour guides are a significant group of stakeholders in the tourism industry. They are responsible for the quality of communication during excursions and ultimately determine the level of satisfaction of tour participants. Therefore, they use a particular language and ways of influencing tourists. This paper investigates whether the particular language of guides contains persuasive means that are crucial for building an effective interpersonal communication. The authors focused on the question of how guides try to create positive relationships with guided groups. They conducted an examination on a group of Wroc?aw city guides during guided walking city tours. In order to complete the research project, qualitative non-participant observation and rhetorical analysis of audio-visual recordings of the guided tours were carried out. This study enabled the key areas of city guides’ communication influence to be specified, and it highlighted deficiencies in their use of some persuasive means. The results may serve as guidelines for improving the communication skills of tourism practitioners.     

Conform or challenge? Adjustment strategies of sanction-torn companies

The literature on sanctions often neglects the role of domestic firms in sender states, although sanctions only have a real economic effect when senders’ firms reduce their activities on the target's market. In contrast, sanctions avoidance and increasing investments in the target country (the observed behaviour of many companies facing the EU sanctions against Russia imposed in 2014) mitigate the impact of these restrictive measures. While sanctions increase the political risk for companies, they also offer economic opportunities—and previous studies could not settle the debate on which factor prevails. By evaluating responses from British, French, German, Italian and Polish enterprises to an online survey distributed in 2017, we analyse at the firm level how sanction-torn companies adjust to new political orders and what drives their strategic decisions. We find evidence that resource dependency induces strategies that challenge sanction policies: in particular, non-fungible assets in the target country incentivise companies to further increase their engagement. These defiance strategies diminish the real economic effect of sanctions and generate a new economic equilibrium, which has negative long-term implications on the choice set of policymakers to further pursue the imposition of sanctions and which even outlasts the lifting of these restrictive measures.     

Level and dynamics of financial depth: consequences for volatility of GDP

The existing literature documents positive but potentially non-linear relationship between financial depth measured as private credit to GDP ratio and volatility of GDP. In this paper, we extend the analysis by considering also the role of financial depth dynamics. We use dynamic spatial panel models to address the issue of cross-sectional dependence of errors obtained from the standard dynamic panel models. We confirm the non-linear impact of the financial depth level but also find that higher growth rates of financial depth are significantly associated with higher volatility of output. The role of the latter factor is considerably more important in terms of explained variance compared to the impact of the private credit level. These results are robust to changes in the sample range, specification of the model, and measurement of the key variables. We also document considerable differences between the estimates obtained from the standard GMM and the spatial models.     

Macroeconomic spillover effects of the Chinese economy

The slowdown of economy and widening of domestic imbalances in China bothers economists and politicians across the globe. We estimate the influence of a negative output shock in China on a number of different economies. We concentrate on China's neighboring countries. We compare the results from the Global VAR model and from the Bayesian VAR models. Also using Bayesian model averaging we search for determinants of Chinese spillovers for the global economy. We find that spillovers are stronger to economies with less flexible exchange rates, a higher share of manufacturing in gross value added and to economies which are larger.     

Whose feedback matters? Empirical evidence from online auctions

The seller rating systems based on feedback are routinely used to minimize risks in online auctions. We explore the effects of the feedback from buyers and sellers separately. The results reveal that feedback from auction issuer’s selling activity increase both sales and new visits of auction. The effects of feedback from buying activity are significant only for visits.     

Multiple Criteria Assessment of Insulating Materials with a Group Decision Framework Incorporating Outranking Preference Model and Characteristic Class Profiles

We present a group decision making framework for evaluating sustainability of the insulating materials. We tested thirteen materials on a model that was applied to retrofit a traditional rural building through roof’s insulation. To evaluate the materials from the socio-economic and environmental viewpoints, we combined life cycle costing and assessment with an adaptive comfort evaluation. In this way, the performances of each coating material were measured in terms of an incurred reduction of costs and consumption of resources, maintenance of the cultural and historic significance of buildings, and a guaranteed indoor thermal comfort. The comprehensive assessment of the materials involved their assignment to one of the three preference-ordered sustainability classes. For this purpose, we used a multiple criteria decision analysis approach that accounted for preferences of a few tens of rural buildings’ owners. The proposed methodological framework incorporated an outranking-based preference model to compare the insulating materials with the characteristic class profiles while using the weights derived from the revised Simos procedure. The initial sorting recommendation for each material was validated against the outcomes of robustness analysis that combined the preferences of individual stakeholders either at the output or at the input level. The analysis revealed that the most favorable materials in terms of their overall sustainability were glass wool, hemp fibres, kenaf fibres, polystyrene foam, polyurethane, and rock wool.     

Die Problematik des Verbraucherschutzes in der Volksrepublik Polen

Zusammenfassung In letzter Zeit hat das Problem des Verbraucherschutzes in Polen sehr an Bedeutung gewonnen. Dies hängt damit zusammen, daß eine bessere Befriedigung der aktuellen Bedürfnisse der Bevölkerung in den Vordergrund gerückt worden ist, was auch in politischen und wirtschaftlichen Programmen zum Ausdruck kommt.Der Artikel behandelt die in diesem Bereich herrschenden Tendenzen und informiert über die wichtigsten Lösungen der Grundprobleme des Verbraucherschutzes.Die Autoren heben mit Nachdruck hervor, daß in den sozialistischen Ländern infolge der Vergesellschaftlichung der Wirtschaft der Verbraucherschutz sich auf zweierlei Weise entwickeln kann: und zwar durch entsprechende Stimulierung der Produktion und des Angebotes. Auf diese Weise wird eine Möglichkeit geschaffen, nicht nur die Folgen, sondern vor allem die Ursachen, welche das Verbraucherinteresse bedrohen, zu eliminieren.

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Problems of consumer protection in the People's Republic of Poland

The problems of consumer protection have come to the fore in Poland as of late. An important reason has been that in recent political and economic programmes, more emphasis has been placed on the necessity of better provision for the population's current needs.The article presents contemporary developments in this respect and informs about different attempts in the doctrine and practice of law to solve the basic problems of consumer protection. The authors emphasize that in socialist countries consumer protection can be achieved not only by strengthening the position of the individual consumer but also, due to the public ownership of the means of production, by adequate stimulation of production and supply. This provides for the opportunity to deal not only with the consequences but also with the determinants of violations of the consumer interest.The following problem areas are treated in the paper together with the solutions attempted in Polish law and in political and administrative practice: (1) problems connected with the creation of large monopolistic production units (more consideration of manufacturer than of consumer interests in decisions concerning content and quality of production; unreasonable pricing; producer-dictated terms of trade between producer and retailer); (2) the treatment of final consumers (terms of contracts favorable to the seller; tendencies of large organizations to bureaucratic and magisterial treatment of their customers); (3) quality deficiencies in products and the preventive and protective measures taken (quality marks and quality control; warranties; producer liability).

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Ewa towska ist Leiterin der Zivilrechtsabteilung des Instituts für Staat und Recht der Polnischen Akademie der Wissenschaften, 00330 Warszawa, Nowy Swiat 72. Stanisaw Sotysiski und Jacek Trojanek sind wissenschaftliche Mitarbeiter der Adam-Mickiewicz-Universität, Juristische Fakultät, 61–809 Poznan, ul. Czerwonej Armii 90. Czeslawa ulawska ist wissenschaftliche Mitarbeiterin der ökonomischen Akademie, Institut für Ökonomik und Warenverkehr, 31–510 Kraków, Rakowicka 27.